Short-term rentals are booming right now and offer a great way to generate income quickly.The key is to take that first step, do your research, and believe in your ability to make it work.

What are the basic steps?

The question that I'm mulling over is, "Do I step in to fill that need, since I have the property management experience and contacts prior, or do I simply pursue investing and manage my own properties?"

If they pass the personal smell test, I go to step 2.2.

It took 90 days or so to get confirmation your deed and mortgage had been recorded so you had this huge period of time that the bad actors could step in and pull some really crummy stuff..

I was hoping to find some people in here that have properties in Warren, Michigan to let me know the process of the licensing, the detail they go into during the inspection, and other steps. 

Quote from @Collin Hays: I love micro-managers who step over dollars to pick up dimes!

If the property can't close in December, what steps must I take to get my EMD back from the title company?

The next steps are obtaining the Judgment, followed by setting a sale date.

So in your case thats standard or frankly a bit better than those that force equity and have money.. the idea though of selling these to those that dont have the 50k in cash or ability to get it is what puts these neighborhoods at risk and to ask and investor to step in and buy the asset and then resell it for 3X that investor is taking a huge risk ..